GBP/USD posted an inside day with a lower close on Wednesday as it extends this week's decline. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 1.4435 are needed to confirm that a short-term top has been posted. If June extends the rally off March's low, January's high crossing at 1.5150 is the next upside target. First resistance is Monday's high crossing at 1.4962. Second resistance is January's high crossing at 1.5150. First support is the 10-day moving average crossing at 1.4555. Second support is the 20-day moving average crossing at 1.4435.
EUR/USD closed lower on Wednesday as it extends Tuesday's close below the 20-day moving average crossing at 1.3330. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below last Monday's low crossing at 1.3150 are needed to confirm that a short-term top has been posted.
USD/CHF closed lower on Wednesday and below the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below last Monday's low crossing would confirm that a short-term top has been posted. If June renews last week's rally, March's high crossing is the next upside target.
USD/CAD closed slightly higher on Wednesday as it consolidates above the 10-day moving average. The high- range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally, March's high crossing is the next upside target. Closes below last Wednesday's low crossing are needed to confirm that a short-term top has been posted.
USD/JPY closed higher due to short covering on Wednesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 101.75 would temper the near-term bearish outlook. If June extends this month's decline, the 75% retracement level of last fall's rally crossing at 98.10 is the next downside target.
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